Finance/Insurance: MICHAEL DeVITO
CEO, FREDDIE MAC, McLEAN
DeVito came aboard as head of Freddie Mac, the Federal Home Loan Mortgage Corp., a year ago, replacing CEO David Brickman, who left to run a newly formed commercial agency lending platform.
A government-sponsored enterprise, Freddie Mac buys bundles of mortgages from banks and other lenders, freeing up cash so that those lenders can make additional mortgages. For 2021, Freddie Mac reported a net income of $12.1 billion, an increase of 65% from 2020.
“We helped nearly 5 million families buy, refinance or rent a home last year,” DeVito explained during a February webcast.
For working part of the year, DeVito received total compensation in 2021 of $443,032.
A graduate of Ithaca College, DeVito came to Freddie Mac with more than 30 years of experience in the mortgage and financial services industry. He spent the bulk of that time at Wells Fargo and Co., where he rose to the post of head of home lending.
DeVito served on the board of trustees of Simpson College in Indianola, Iowa, from 2014 to 2021.